Whether you’ve been searching for your next home for a few weeks or just beginning your home-buying journey, one of the most important things you can do is get pre-approved for a loan. Getting pre-approved shows sellers that you are a serious buyer and that you have the financial means to purchase their home. It also gives you an idea of how much you can afford to spend, which can help you narrow down your search and avoid overpaying for a home.
According to a recent study by the National Association of Realtors, 92% of home buyers who were pre-approved for a loan made an offer on a home within 30 days, compared to only 67% of those who were not pre-approved. Additionally, pre-approved buyers were more likely to win the bidding war on the home they wanted.
Once you get pre-approved, your lender will provide a Mortgage Pre-Approval letter detailing the type of home loan and loan amount you may qualify for. The Pre-Approval letter PHH Mortgage executes is valid for up to 90 days and may be extended if you are still searching after it expires.See how much home you can afford with our mortgage affordability calculator.
Important to note: A Mortgage Pre-Approval is not full approval from your mortgage lender. Once you find your home, your lender will still need to approve certain property details and other information to guarantee your home loan.
To start the Mortgage Pre-Approval process with PHH Mortgage you should have the following personal and financial information available when you’re ready to apply.
Once the checklist items have been provided, your lender will pull your credit report and verify your credit score. You can expect to hear from your lender within the same day or it could take up to 3 business days.
If you’re ready to start your homebuying journey with a PHH Mortgage Pre-Approval, call 800-451-1895 to speak with a PHH loan officer.
Ready to get Pre-Approved?